Canadian startup Arteria AI raises $11m on oversubscribed Series A to accelerate growth in global financial institutions

Canadian startup Arteria AI raises $11m on oversubscribed Series A to accelerate growth in global financial institutions

Published: 23-03-2021 14:07:00 | By: Pie Kamau | hits: 5314 | Tags:

Arteria AI, a global player in enterprise digital contracting, announced the closing of an oversubscribed Series A funding round, led by Information Venture Partners (Information VP) and Illuminate Financial Management (Illuminate), with participation from Golden Ventures and StandUp Ventures. Arteria will use these funds to scale its proven technology through building out product, sales and delivery on a global basis.

Built by a team of technologists, scientists, lawyers and subject-matter experts, Arteria applies artificial intelligence and a data-first approach to the drafting, negotiation and analysis of contracts. Arteria unlocks the power of contracts by helping organizations contract faster and turn executed contracts into data, thereby identifying opportunities to drive value and insight from a traditional cost-center.

Arteria's focus is initially on the financial services sector, with a client base including global and domestic systemically important banks and spanning North America, the UK, Europe and Asia-Pacific. Arteria has seen rapid growth to date and was recently recognized by the Financial Times with the Intelligent Business Award for Contracting for saving clients as much as 60 percent of their associated costs.

Information VP and Illuminate specialize in investing in B2B Fintech and Enterprise SaaS with the potential to have a transformational impact on the global financial services sector.

Robert Antoniades, Co-founder and General Partner, Information VP: "At Information VP, we invest in companies with innovative solutions to tangible business problems, amazing teams and novel technology. Current practices for drafting, negotiating and managing contracts are massively inefficient. Arteria approaches the digital contract problem differently. The approach harnesses data to generate better information at scale, driving significant gains in speed and efficiency to clients."

Mark Whitcroft, Founding Partner, Illuminate: "Building an enterprise software company and selling solutions into financial institutions is hard. It requires you can demonstrate that your product is solving real and pressing problems. Arteria has developed its product through deployment across a growing collection of large financial institutions, which is incredible for such a young company. The breadth of use cases we see for digital contracting to transform legacy processes within banks creates vast white space to innovate and take market share."

Shelby Austin, CEO, Arteria AI: "We are excited to welcome such incredible partners onboard, each bringing deep expertise and networks to help us navigate the global FinTech marketplace and accelerate our growth.  We created Arteria to remove the enormous friction in existing contracting processes. Our mission is to provide exceptional digital contracting experiences to our clients, backed by the free flow of contractual data across organizations. Securing this milestone is a wonderful step forward on the journey."